Genta shares rally in wake of quarterly profit

MichaelBaron

NEW YORK (MarketWatch) -- Shares of Genta Inc.
gnta
jumped almost 20% to $1.33 Monday after the Berkley Heights, N.J., biopharmaceutical company reported earnings of $14 million, or 15 cents a share, for the first quarter, up from its year-ago loss of $12.5 million, or 16 cents a share. Revenue jumped to $18.5 million in the latest three months from $1.7 million in the same period a year earlier. The company said the performance reflects acceleration of its recognition of deferred revenue following the termination of collaboration agreements related to its Genasense injection with Sanofi-Aventis. Two analysts polled by Thomson First Call were looking for a profit of 10 cents a share, on average with the estimates' range running from 7 cents a share to 12 cents.

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